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EDC Minutes <br />February 21, 2003 <br />Page 4 <br /> <br />recruitment would be impacted. Belting asked about how quickly the County would agree to any <br />name change. Not known at this time. Backman stated that improved signage would be helpful <br />for better access, especially from I-35W. Helgemoe remarked that Western Bank continually <br />faces the issue of directing lost customers back to the right location. Chair Belting suggested <br />that a meeting of all businesses/entities along Co. Highway 10 be held to seek their input <br />regarding this issue. It could be a luncheon or something sponsored by the Chamber and City. <br />The consensus of the Commission was that the idea had merit. At this point in the meeting, <br />Chair Belting left the meeting for another obligation. Field took over the EDC meeting. <br /> <br />B. Review of Mounds View’s Tax Abatement Policy (Cont. from page 4). Backman briefly reviewed <br />and contrasted Tax Increment Financing (TIF) and Tax Abatement. He denoted the changes <br />agreed to through page four and noted the EDC’s consensus to rename the City’s Tax <br />Abatement program to Tax Rebate Financing. New language in the draft document is <br />underlined. Commission members then considered Section IV, Policies for the Use of TRF and <br />Section V, Project Qualifications. The Commission briefly considered Section VI, Subsidy <br />Agreement & Reporting Requirements on p. 6. The State of Minnesota requires that Cities adopt <br />a Business Subsidy Policy. This separate document, referenced in Section VI, will need to be <br />reviewed and updated by the EDC as well. Backman asked members to review the Application <br />Review Worksheet on p. 16. <br /> <br />C. Other: Helgemoe inquired about interest in the former Hardee’s building. Backman encouraged <br />Paster Enterprises to submit a proposal to Steve Sparks, the Culver’s franchisee regarding the <br />Hardee’s facility. This was done and Mr. Sparks is reviewing the information. <br /> <br /> <br />8. ADJOURNMENT <br /> <br />There being no further business before the Commission, Field adjourned the February 21st meeting of <br />the Economic Development Commission at 9:10 a.m. <br /> <br /> <br />Respectfully submitted, <br /> <br /> <br /> <br /> <br /> <br />Aaron A. Backman <br />Economic Development Coordinator <br /> <br /> <br /> <br /> <br /> <br /> <br />\\Ntserver\CityHall\DATA\GROUPS\ECONDEV\EDC\Minutes\Min03\2-21-03.doc <br />